https://www.cnn.com/2019/01/08/business/sears-future-bankruptcy-delay/index.html
19 replies (most recent on top)
Eddie's lost $7B, down to his last billion, is way overleveraged, and his other companies are looking to go bankrupt if Sears fails. Also, creditors are looking at fraud, conflicts and self-dealing, on top of half billion dollar lawsuits from the Sears Canada fallout, which will almost certain lead into criminal investigations from the SEC. 2019 is going to be a banner year for ole Mr. Lampert.
Eddie 1 haters 0
There's an old 'Far Side' comic strip where a lawyer argues to a jury, "Now that you've seen and heard my client, can you honestly believe he masterminded anything?"
" not a criminal, simply massively incompetent. "
You have the wording mixed up
It should read: ' incompetent criminal '
"May it please the court, I will lay out evidence that my client is such an id--tic nitwit that he would lose billions selling girl scout cookies, and could not possibly be the criminal genius people make him out to be"
I think with the creditors having such a hard on for fraud right now, a big consideration is his future defense proving that he's not a criminal, simply massively incompetent.
Bloomberg news reported similar news just now (12:20 pm CT) Judge allowing the ESL bid to be compared with the other offers and they said it looked like a lifeline might be extended... not saying I believe ... but this is what was announced.
Lampert Ups Ante- Last Minute Bid "Saves" Iconic Sear
Yeah like that was ever his plan...
...followed by "LOL"
Expect a headline like:
Lampert Ups Ante- Last Minute Bid Saves Iconic Sears
From The NY Times:
The hearing that was set for Tuesday morning was delayed until the afternoon, a sign that Sears and Lampert were continuing to negotiate.
Checks out:
https://www.nytimes.com/reuters/2019/01/08/business/08reuters-sears-bankruptcy-liquidation-exclusive.html
@qqs - telecom scheduled? Heard nothing about it at HE.
It is what it is . Wife is shopping at a Kmart right now - it's loaded with merchandise .
Store is not on closing list - everything at 50% off.
Told her that if there's something there she wants , she better buy it before a liquidator gets his hands on it , raises the price above
full retail , and marks it down 10% .
Thanks for the update @qqs!
I hope all my friends working there found new jobs.
Thanks OP this is what we’re hearing here at HE, very close to a deal. High brinksmanship on both sides. Company needs to look like they got the best deal they could for the creditors, ESL trying to get the best deal for obvious reasons.
Ultimately since ESL/Eddie controls Sears it’s all about optics, by dragging it out it gives the judge cover to save the jobs and look like he got the best deal for the creditors. Should know more after 1pm central, we have a telecom scheduled then.
Sears STILL Lives!!!
This is nothing new here.